Replies to post #17913 on Sugarmade Inc (SGMD)

[remember my name]

Hey front ! I think you final got it !! It was not jimmy who said you can't recognize
Revenue . It was the audit department.
Jimmy just got ahead of himself like always .
Anyway may be close to 1 million in last quarter
Which may of been a full month in December .
If it was a 1/2 then the numbers are much higher .
Plus add in the other part of bizright .
We are final getting somewhere !

12 months x 1 mil is equal to at least 12 million
Plus 3 million in carry out supplies . Min 15 million
Plus jimmy said additional rev thru out next
Quarter and 2019


Front you have to repost on Monday morning

[mrw21j]

The better question is what does all this mess entail: "the revenues generated under the terms of the Agreement with BizRight did not meet minimum standards for recognition under U.S. Generally Accepted Accounting Principles"???

I mean, if we are generating revenue via the agreement what "standard" must it meet? Is it revenue for the company or not. If not, it would seem BizRight in breach of agreement - with or without their cute little BZRTH bait and switch.

[remember my name]

Late Friday front posted this ! I was confused by SGMD stating they were starting Biz revenue recognition in late 2018..Here's why:

"the Company reported a lower revenue amount than previously expected from the Agreement"..This statement implies imo, that there has been some Biz revenue added in financials.. Also, the statement that auditor determined that much of the revenues didnt meet minimum standards suggests some of the revenue did..:)

Finally, SGMD reported $937k revenue Oct/Nov/Dec 2017...and then jumped to $1.45m next Q..and this 50% jump occurred after SGMD announced they discontinued tree paper division and Stix, and first Q when we expected some Biz revenue..Import Genius shipments indicate Carryoutsupplies trucking along, but a Carryout 50% increase in one Q??..If so, Jimmy should have pumped that growth imo..

"On November 28, 2018, the Company filed results on Form 10-K for the period ending June 30, 2018. The Company is still in process of preparing its financial report for the quarter ending September 30, 2018 and plans to file this final report with the Commission over the near term. Relative to the twelve-month period ending June 30, 2018 and the three-month period ending September 30, 2018, the Company had earlier believed it would be able to recognize
a substantial portion of the revenue from its Master Marketing Agreement (the “Agreement”) signed with marketing partner BizRight, LLC (“BizRight”) and announced late in 2017. This expectation proved to be incorrect. The Company’s independent auditor firm determined much of the revenues generated under the terms of the Agreement with BizRight did not meet minimum standards for recognition under U.S. Generally Accepted Accounting Principles, thus the Company reported a lower revenue amount than previously expected from the Agreement.